Build-A-Bear Workshop, Inc. (BBW) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+65.0%

$48.87

vs $29.61 price

Levered DCF

$71.36

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

4.1

Safe zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	14.92×	11.11×	6.17×	7.53×	5.66×	-3.4×	236.16×	-3.76×
P/B	5.02×	4.13×	2.51×	3.03×	2.86×	1.24×	0.69×	0.72×
P/S	1.47×	1.16×	0.67×	0.77×	0.65×	0.33×	0.18×	0.2×
EV / EBITDA	11.05×	7.95×	4.62×	5.4×	5.3×	-26.55×	12.05×	-20.84×
Gross margin	55.8%	54.9%	54.4%	52.5%	53.0%	38.1%	45.4%	41.2%
Operating margin	12.2%	13.4%	13.5%	10.6%	9.3%	-13.7%	-3.6%	-5.5%
Net margin	9.9%	10.4%	10.9%	10.3%	11.5%	-9.6%	0.1%	-5.3%
Current ratio	1.55×	1.59×	1.53×	1.46×	1.33×	1.12×	1.15×	1.78×
Debt / equity	0.82×	0.7×	0.64×	0.73×	1.05×	1.99×	1.7×	0×
Interest coverage	0×	0×	0×	2,603.21×	0×	-3,509.5×	-808.6×	-216.73×
Dividend yield	1.5%	1.9%	6.8%	0.1%	7.4%	0.0%	0.0%	0.0%
Payout ratio	22.1%	21.3%	41.8%	0.6%	42.2%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	33.7%	37.2%	40.7%	40.3%	50.5%	-36.6%	0.3%	-19.0%
Return on invested capital	17.7%	21.5%	24.3%	18.5%	18.4%	-17.2%	-0.8%	-15.4%
Return on assets	15.1%	17.9%	19.4%	17.1%	17.7%	-9.4%	0.1%	-10.4%
Free cash flow yield	5.1%	4.8%	14.1%	9.3%	7.4%	10.0%	15.0%	-2.3%
Earnings yield	6.7%	9.0%	16.2%	13.3%	17.6%	-29.4%	0.4%	-26.6%
Enterprise value	$879.1M	$644.2M	$365.1M	$405.3M	$333.6M	$182.7M	$185.3M	$49.6M
Net debt / EBITDA	1.26×	0.85×	0.5×	0.59×	1.04×	-14.38×	8.05×	7.52×
Cash conversion cycle (days)	119	99	84	111	105	79	87	78